Gaming Innovation Group (GIG), Malta-based gaming operator and service provider, has signed an agreement to acquire all shares in iGaming operator Betit Holdings Ltd., which owns some of the biggest operators in the Scandinavian iGaming market including SuperLenny.com, Kaboo.com and Thrills.com.
The deal is worth approximately €54million. GIG will issue 153.5million new shares as a consideration for all of Betit’s shares, and has agreed, along with Optimizer Invest; a major shareholder in Betit, to convert Optimizer’s 10% holding in GIG’s subsidiary iGaming Cloud Ltd. Into 56.5million new GIG shares.
Under the agreement, GIG and Betit will operate 6 brands, and the acquisition will create attractive commercial, technological and operational synergies, as well as cost savings and accelerated growth. The combined companies aim to become a leader in the market through use of innovative and proprietary products, digital marketing, and setting the benchmark for user experience.
Robin Reed, CEO of GIG, said: “Through this agreement, we team up with some of the most accomplished entrepreneur’s in the industry, significantly enhancing our reach to end-users, marketing partners and professionals. Our vision is to make the industry an open and connected eco-system and we will all benefit from the commercial and operational synergies. The acquired technology will accelerate our ability to grow and strengthen our base for further M&A activity.”
Betit’s proprietary front-end platform enables synergies between the brands, and provides strong marketing capabilities like innovative gamification and CRM features, as well as providing a best-in-class mobile product for all brands. This will also enhance the offering of Gaming Innovation Group’s gaming brands, and is highly complementary to GIG’s current offering.
Tomas Backman, CEO of Betit, commented: “Today is a very proud day for the Betit team. In less than three years, we have managed to build a successful multi- brand company and have now secured a great deal and a bright future for our shareholders. To be honest we would probably not have done a deal at this stage with anyone else other than Gaming Innovation Group. They share our view on culture, the importance of product focus and that it is the people who make the company succeed. Together with GIG we will now become a major player in Scandinavia. With the strategy that is set and with the people we have, we’re very proud to become a part of GIG.”
There are currently 608,556,266 outstanding shares in GIG, and the number of authorized shares is 750,000,000. Following the transactions, the amount of outstanding shares will be 818,556,266, of which Optimizer Invest will hold around 130million GIG shares.
Henrik Persson, partner in Optimizer Invest, said: “Optimizer is extremely excited about this partnership with GIG, and we see a great opportunity to create a leading iGaming company. As a significant shareholder in GIG, we will take an active role to make sure the company will release its full potential in the years to come. This is a journey in its early innings, and we see this as a long-term commitment within the iGaming sphere. We believe that by us joining forces, we have a very strong constellation to further accelerate growth as we seek to revolutionize the iGaming industry.”